Gold against resistance | Is it going to breakout?
Today doesn't present us with many trading opportunities, but that allows us to follow the key levels which we expect to be violated.
On Friday, during the news GOLD reached it's resistance at 1790 and it bounced back. We see the same reaction today.
This makes the 1790-95 zone a serious resistance for price, which we will watch out for.
In case market breaks and close above it, this will lead to a possible move to 1824 level. However, I think we shouldn't make any entries before that.
The main support for GOLD remains the weekly support at 1750, and we could also expect some reaction at the lows from Friday at 1776.
On Friday, during the news GOLD reached it's resistance at 1790 and it bounced back. We see the same reaction today.
This makes the 1790-95 zone a serious resistance for price, which we will watch out for.
In case market breaks and close above it, this will lead to a possible move to 1824 level. However, I think we shouldn't make any entries before that.
The main support for GOLD remains the weekly support at 1750, and we could also expect some reaction at the lows from Friday at 1776.
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